FPL Group, Inc. (NYSE: FPL) and Constellation Energy (NYSE: CEG), two of the strongest, fastest-growing and most successful energy companies in America, announced on Dec. 19, that they have signed a definitive agreement to create the nation's largest competitive energy supplier and its second-largest electric utility portfolio.
The transaction will create a company with a market capitalization of approximately $28 billion (based on current market values), combined annual revenues of $27 billion, and $57 billion in total assets. The combined company will be named Constellation Energy and will have dual headquarters in Baltimore, Md., and Juno Beach, Fla.
Kirkland & Ellis LLP is serving as transaction and regulatory counsel to Constellation Energy. The lead partners on the deal are: George P. Stamas, Mark D. Director and Thomas W. Christopher. Other members of the lead deal team included partners Mitchell F. Hertz, Neil L. Levy and Drew N. Grabel as well as associates Iskender H. Catto, Catherine Jude Debreceny, James D. Hyre, Alicia Ryan and William B. Sorabella.
The deal team received support from a group of specialists: partner Mark L. Kovner (Antitrust); partner Alexandra Mihalas and associate Maureen D. O'Brien (Employee Benefits); partner Brian R. Land (Environmental); partner Lisa A. Samenfeld and associate Rita L. Berardino (Intellectual Property); partner R. Timothy Stephenson and associate Benjamin M. Gipson (Labor & Employment); partner Jennifer M. Morgan and associates Comer Ireland, Christina Soriano and Taryn Reynolds (Real Estate); and partner Thomas L. Evans and associate Tony Y. Lam (Tax).
Kirkland & Ellis LLP is a 1,100-attorney law firm representing global clients in complex corporate, restructuring, tax, litigation, dispute resolution and arbitration, and intellectual property and technology matters. The Firm has offices in Washington, D.C., Chicago, London, Los Angeles, Munich, New York and San Francisco.